Series 7: 18.3.1.1 Applying For FINRA Membership

Taken from our Series 7 Top-off Online Guide

18.3.1.1 Applying for FINRA Membership

The Exchange Act requires every broker-dealer to be registered with a national securities association (unless it is a member of a securities exchange). FINRA is the only such association. The following documents must accompany an application for FINRA membership.

Form BD. This form requires thorough disclosures about certain basic issues such as the identities and backgrounds of the parties controlling the firm, its corporate structure, and the types of business it will be engaged in.

New Member Application (Form NMA). The NMA is a very comprehensive document. It asks the applicant to identify its owner

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